Petershill Partners, the Goldman Sachs-owned investment group, said on Thursday it plans to delist from the London Stock Exchange and return $921 million to shareholders.
The news sent the company’s shares up by 33%, hitting a four-year high, and the stock was the top gainer on the FTSE mid-cap index.
The decision follows a strategic review aimed at boosting returns, but once again highlights the growing struggle of London’s equity market to retain major listings.
The £2.5 billion firm, launched in 2007 and floated in London in September 2021, said its board was dissatisfied with its share price and valuation, which it believes have failed to reflect the company’s strong financial performance and underlying asset quality.
“Despite the Company’s strong operating and financial performance and these strategic initiatives, the Company’s share price and valuation have, in the view of the Board, not appropriately reflected the quality and underlying value of the Company’s assets, its strong financial performance and attractive growth prospects,” the company said.
Shareholder offer at a premium
Under the plan, Petershill will offer freefloat shareholders $4.15 per share in cash and an interim dividend of $0.052 per share, making a total of $4.202.
This represents a premium of around 35% to the stock’s last closing price.
The capital return of 415 cents per share will be funded through cash, deferred disposal proceeds, and new debt.
Including the interim dividend of 5.2 cents, the total payout will amount to 420.2 cents per share.
The interim dividend is scheduled for October 31, 2025, payable to shareholders on record as of October 3.
Solid earnings amid valuation concerns
Despite its plans to withdraw from London, Petershill reported strong interim results.
Partner distributable earnings reached $152 million for the six months to June 30, 2025, up 9 percent year-on-year.
Adjusted profit after tax rose to $124 million from $94 million in the same period last year.
Aggregate partner-firm assets under management grew 6 percent to $351 billion, while fee-paying assets under management rose 3% to $245 billion.
The company maintained its 2025 guidance, expecting $20-25 billion in organic fee-eligible asset raises and $5-10 billion in fee-paying asset realisations.
Active portfolio reshaping
During the first half of 2025, Petershill sold its stake in General Catalyst for $726 million and acquired Frazier Healthcare Partners for $330 million.
After June, it sold Harvest Partners for $561 million and made a $158 million follow-on investment in STG Partners.
“We are pleased that our Partner-firms have raised $19 billion of gross fee-eligible assets in the first half, despite volatile markets earlier in the year,” said Co-Heads Ali Raissi-Dehkordy and Robert Hamilton Kelly in a statement.
Another blow to London’s equity market
The departure adds to London’s struggle to retain global companies.
Over the past two years, Ashtead, Flutter Entertainment, and CRH have shifted their primary listings to the US, while Indivior cancelled its secondary London listing in 2024.
Online payments group Wise has also signalled plans for a US dual listing.
Petershill’s decision highlights the persistent challenge facing London in competing with deeper US capital markets that offer higher valuations and greater investor interest.
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